The August 16 summit between former US president Donald Trump and Russian president Vladimir Putin in Alaska concluded without an agreement to end or pause the war in Ukraine.
In an interview the same day on Fox News, Trump was asked if he was considering any action against China, Russia's second-largest oil customer. He replied, "I don't have to think about that yet".
"Maybe in two or three weeks I'll have to think about it, but not now. I think the meeting went very well," he commented.
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Former president Donald Trump at a press conference at the White House on 11/8. Photo: AFP |
Former president Donald Trump at a press conference at the White House on 11/8. Photo: AFP
The previous week, Trump imposed an additional 25% tariff on goods from India starting 27/8, citing the country's continued purchase of Russian oil. On 6/8, he said he was considering announcing additional secondary sanctions to pressure Russia to end the war in Ukraine. Increased tariffs on China for buying Russian oil were a possibility, but the final decision depended on the situation.
In 2024, Russia's crude oil production was estimated at 10.75 million barrels per day, a 4% decrease from 11.2 million barrels in 2022. Oil exports reached over 7 million barrels per day, down 8% from two years prior.
During this period, European imports of Russian crude oil fell by 30%. Russian oil shifted towards Asia, with India and China becoming the largest customers. The two countries purchased 460 million and 651 million barrels of Russian oil respectively in 2024, an increase of 17% and 100% compared to 2022, according to commodities data company Kpler.
The Centre for Research on Energy and Clean Air (CREA), based in Finland, reported that China bought 47% of Russia's crude oil exports in July 2025, followed by India (38%), the European Union (6%), and Turkey (6%).
Chinese President Xi Jinping and former US president Donald Trump were working towards a trade agreement to ease tariff tensions between the two superpowers. According to Reuters, with its economy already slowing, further sanctions from Trump would cause additional damage to the world's second-largest economy.
Phien An (Reuters)
